Medicare Supplement Plan F

Medicare Supplement Plan F – Is it really the best choice?

When people think of Medicare Supplements, usually the first plan that you will hear them talk about is a Medicare Supplement Plan F.  Why?  This plan offers first dollar coverage and there is no out of pocket cost as long as Medicare picks up its 80%.  But did you know that there are significant savings with plans outside of the popular Medicare Supplement Plan F?  Let’s take a look at some current facts.

Medicare Supplement Plan F Facts

  1. There are no co-pays for Parts A & B.
  2. There are no deductibles.
  3. There are no networks.
  4. Rate increases are sometimes higher than other plans.

Now let’s take a look at Plan G facts…

  1. There are no co-pays for Parts A & B.
  2. The only deductible is the annual Part B deductible ($166 for 2016).
  3. No deductible for Part A, which is your hospital insurance.
  4. There are no networks.
  5. Rate increases are generally lower than Medicare Supplement Plan F.

Okay, from the facts above, you can see that Plan G has some cost sharing over the Medicare Supplement Plan F.  But what about the difference in premium?  Is there a cost savings there?  Absolutely.  Now let’s see if the difference in premium is greater than the out of pocket cost (Part B deductible).

I’m going to look up some Medicare Supplement Plan F & G rates on our quoter, which can be accessed by clicking HERE.  We’ll look at some rate comparisons in 5 different areas.  Since the rates are based on zip code, we will pull zip codes from the largest cities of the states below.  Rates are also based on gender, age, and whether or not you use tobacco.  For this illustration, we are going to pull female, age 65, and non-tobacco.

Location Plan F Plan G Annual Savings
Jackson, Mississippi (392XX) $116.65 $89.63 $324.24
Houston, Texas (770XX) $146.81 $111.79 $420.24
Detroit, Michigan (482XX) $141.15 $118.87 $267.36
Nashville, Tennessee (372XX) $134.95 $95.80 $469.80
Philadelphia, Pennsylvania (190XX) $158.52 $123.45 $420.84

Wow.  Look at those savings going from a Medicare Supplement Plan F to a Plan G!  Like I mentioned before, the only out of pocket cost with Plan G is the Part B deductible which is $166 this year.  Why would you pay $469.80 in TN, for example, for a $166 benefit?  I know I wouldn’t.

If you’d like to speak to one of our advisors, call us at (877) 759-5760 or send us an e-mail to seniorservices@morganwhite.com.  We can answer your questions and see if there’s an opportunity for us to work together.  If not, that’s okay!  Let’s get this conversation going.

Michigan Medicare Supplement Rates

This article will be straight forward and explain how to get Michigan Medicare Supplement Rates in quick and hassle-free manner.  First of all, understand that Medigap plans supplement Medicare – they are not Medicare Advantage Plans which take over the administration of your Medicare coverage.

Michigan Medicare Supplement Rates

Prior to looking up rates you will need several basic pieces of information in order to compare plans.  Date of Birth, Gender, Zip Code, and Tobacco preference are the three items that are required with 90% of the Michigan Insurance companies.  Now there will be health questions for the coverage unless you are in your Open Enrollment Period or Guaranteed Issue Period, but the health questions are not extreme so it is at least worth considering prior to writing it off because you don’t feel you are healthy enough.

So if you are wanting to compare Michigan Medicare Supplement Rates whether you live in Detroit or Grand Rapids this is an easy want to get some quotes.  Go to www.medicareinsurancefinders.com and fill in the information on the side of the screen.  The box to fill out looks like this:

Michigan Medicare Supplement Rates

Hassle Free Rate Comparison

Once you have filled in this information and confirmed on the next screen you will see rates with over 30 insurance companies in the state.  Another good thing is that you can compare rates in 47 states across the country in less than 1 minute.

What do I do now?

Once you compare rates you should ask yourself if you are paying too much for your current plan!  These plans are standardized and the coverage between companies is the same which means that if you are paying $30 or more per month over what you are quoted on the Medicare Supplement Quote Engine you could be saving over $360 per year…. We see huge savings every day and really recommend taking less than 2 minutes of your time to look at what is available.

If you see you like a plan that is available and would like to see if you qualify call us at 1-877-936-2991.  We help people every day who are in their Open Enrollment Period or just need help comparing their current policy.  We would love to help you in order to make sure you have the best Michigan Medicare Supplement Rates available!

 

Detroit Retiree Insurance

Detroit Retiree Insurance is currently taking some hits in the news, talking about how there is currently 5.7 billion in unfunded retiree healthcare liabilities, nearly 1/3 of Detroit’s debt.  Currently there are almost 20,000 retirees in Detroit that will be pushed towards the exchanges for their insurance options due to Detroit Retiree Insurance issues.

Life most companies that have promised to cover retiree benefits, Detroit is struggling to live up to the promise that was made when insurance rates where not increasing at 10% per year and MRIs where not costing $2,000 a pop.  Most municipalities, unions, companies and associations are changing over to Individual Medicare Supplement Plans or Group Retiree Medical Plans that are sponsored by the group but not funded by the group.

Detroit Retiree Insurance – Could either of these options work?

  1. Individual Medicare Supplements – yes, this is an option that would take the liability off the the Detroit Retiree Insurance fund.  However, it would put the premium payments on the back of the individual.  No one wants to suggest this option because they would not receive votes the following year. 
  2. Group Retiree Medical Plan – this would be another option that would work but would cost the individuals and would not be appreciated by the workforce that contributed to the city of Detroit!

Can an individual currently on the Detroit Retiree Insurance Plan switch to a Medicare Supplement or another supplemental plan?

The answer is yes!  These individuals can go to another plan stating that they are in good health.  You may be wondering what if their health is bad – is there any option? Yes the option is to purchase a BAI Guaranteed Issue plan.  To learn more about these plans you can click here.

If you need help with your health insurance options don’t hesitate to call us at 1-877-936-2991.  We provide insurance solutions in all 50 states and are not limited by one company.  We are a brokerage that represents hundreds of companies and provides you with a quote engine that shows you which plan has the lowest premiums with the best benefits.